• Its subsidiary Chin Hin Group Property Bhd is planning two new launches in 2023, being Avantro Residences in Bandar Kinrara and Ayanna Resort Residences in Bukit Jalil, with a total gross development value (GDV) of RM1.36 billion.
  • The group is also developing another new project in Rawang with an estimated GDV of RM342.38 million, targeted to be launched in 2024.

KUALA LUMPUR (May 30): Chin Hin Group Bhd’s net profit fell 24% to RM20.05 million for the first quarter ended March 31, 2023 (1QFY2023) compared to RM26.26 million a year earlier (1QFY2022).

Earnings per share declined to 1.13 sen from 2.97 sen, said the group in its Bursa filing.

The lower net profit came as tax expense increased by close to three times at RM6.4 million for 1QFY2023 compared to RM2.14 million a year ago.

The integrated builder conglomerate also saw higher administrative expenses, finance cost and impairment of trade receivables for the quarter. Nevertheless, higher revenue and gross profit managed to offset the effects of higher costs.

Revenue was higher by 49.3% at RM523.94 million in 1QFY2023 from RM350.95 million on the back of better revenue contributions from its construction division. The division brought in RM118.38 million in revenue, with RM14.65 million attributed to its Kayangan Kemas projects.

The group also attributed the increase in revenue to the higher volume of wall panel and autoclaved aerated concrete (ACC) blocks sold to private and government projects in Singapore.

It said that the distribution of the building material’s sector sales grew by 31.6% in 1QFY2023 compared to a year ago largely contributed by cement and other building materials products.

Chin Hin’s business segments can loosely be classified into three major segments — building materials, vehicles and property development and construction divisions.

With Singapore expected to build more private residential developments and build-to-order flats this year, the group said that the sales of ACC is anticipated to be positive given how it has managed to secure a footing in the city state.

For its rebuilt commercial vehicles division, it said that many consumers are turning to rebuilt commercial vehicles which provide lower cost and flexible payment options offered by its dealers.

Meanwhile, its subsidiary Chin Hin Group Property Bhd is planning two new launches in 2023, being Avantro Residences in Bandar Kinrara and Ayanna Resort Residences in Bukit Jalil, with a total gross development value (GDV) of RM1.36 billion. The group is also developing another new project in Rawang with an estimated GDV of RM342.38 million, targeted to be launched in 2024.

As for its construction division, the outstanding order book currently amounts to RM1.3 billion. It said that it is committed to acquiring more strategic landbank in high-growth areas for property development to ensure sustainable business growth in the long run.

At the time of writing, its share price fell to two sen or 0.46% at RM4.30 on Tuesday (May 30), valuing the company at RM7.61 billion.

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